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Industry group raises oil and gas drilling forecast again on price stability


CALGARY — An oil and gas industry group is once again raising its drilling forecast for the year after seeing higher than expected activity.

The Petroleum Services Association of Canada now expects 6,680 wells to be drilled across Canada in 2017, up about 60 per cent from what it had forecast in November.

Association president Mark Salkeld said the stability of oil prices and lower costs are helping raise the expected number of wells.

He said the biggest barriers to further growth for the industry are the need for pipelines to tidewater and liquid natural gas projects.

Alberta saw the highest jump in the forecast update, with the expected number of wells rising about 75 per cent to 3,320 for the year.

Saskatchewan is expected to see 2,670 wells, British Columbia 449 wells and Manitoba 221 wells.

 

The Canadian Press



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